UMB Financial Corp. on Tuesday reported a 3.5 percent increase in third-quarter earnings thanks in part to a larger loan portfolio.
The Kansas City-based banking company earned $35.6 million in the quarter, or 78 cents a share, compared with $34.4 million, or 83 cents a share, a year ago.
Loans totaled $7.1 billion at the end of September, up from $6.5 billion a year ago.
“Our strategy to shift our earning asset mix to loans remains a top priority. Commercial lending teams in Kansas City, Dallas/Ft. Worth and Phoenix led the way with loan growth,” chief executive Mariner Kemper said in the company’s announcement.
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UMB’s income from fees, service charges, sales of securities and other sources besides interest grew faster than its interest income. This non-interest income totaled $126.5 million in the quarter, compared to net interest income of $83 million.
Total assets were $16.3 billion at the end of September, including $7.1 billion in investment securities. UMB’s quarterly profit equaled a 0.90 percent return on assets, compared with 0.92 percent in the quarter a year ago.